20231211-天风证券-国内需求周度跟踪_螺纹钢消费量震荡_延续去库_商品房销售持续弱于季节性_8页_1mb

This report provides an analysis of current market conditions, focusing on steel consumption, consumer activity, and inflation in the context of fixed income markets. Key findings include:

• Investment: Steel prices rose to 4105元/吨 with increased table consumption, and inventory decreased. Other materials like glass, asphalt, and cement prices also increased, indicating a recovering steel market.

• Consumption: Consumer data shows mixed results, with automotive sales increasing (higher retail and wholesale figures), but travel metrics like metro use and flight operations declined, suggesting some consumer strength but overall cautious spending.

• Inflation: Overall inflation pressures eased, with crude oil prices falling, pork prices rising slightly, and vegetable prices stable. Energy cost reductions contributed to cooling inflation.